Wednesday?s WASDE report contained a few surprises for the grain markets. The primary focus was on the bigger-than-expected cuts to Argentina?s crop from the USDA. Allendale commodity broker Mike Lung provided some analysis on the recent report.
Those cuts were much bigger than what we usually see from the USDA, but Lung said the USDA will still probably stay pretty conservative with future cuts.
Other than the Argentina numbers, Lung said there was also a bullish wheat report.
Lung said that movement in the global wheat market comes primarily from activity in Russia.
Looking ahead, there won?t be much of a focus on the April WASDE. Instead, Lung said we?re now anticipating the Prospective Plantings report and the May WASDE.
Lung also provided some advice for Iowa producers.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
